Introduction - はじめに
企業倒産処理手続（CIRP）が進行している間、債権者と CIRP 対象企業（企業債務者）との間で、債務解消のための話し合いが行われることがよくあり ます。このような場合において、債権者は、債務者に対して行ったCIRPの開始申請（CIRP申請）を撤回することができます。本記事では、債務者が清算手続きに入った後におけるCIRP申請の取り下げについて、VS Varun v. South India Bank（VS Varun Case）における会社法審判所（NCLT）の判決を参照に、解説します。
NCLT in VS Varun Case - VS Varun CaseにおけるNCLT
The Insolvency and Bankruptcy Code, 2016 (Code) was introduced as a one stop solution for resolving insolvencies, which previously was a long-drawn process that did not offer an economically viable arrangement. In 2022, the Indian courts have been guided by the principal of ‘resolution of insolvency of debtor’ over ‘recovery by creditors’ and have refused insolvency applications where they found such application were for recovery of money rather for insolvency of the debtor.
This monthly legal roundup is a compilation of our thought leadership articles and primers published in the month of December 2022 on key legal and regulatory topics. Please click on the access links to read more.
A. INSOLVENCY LAWS
1. Leasehold right: An intangible asset
Introduction
The Insolvency and Bankruptcy Code, 2016 (Code) was introduced as a one stop solution for resolving insolvencies, which previously was a long-drawn process that did not offer an economically viable arrangement. In Swiss Ribbons Pvt. Ltd. v.
Introduction
On Oct. 18, the U.S. Bankruptcy Court for the Eastern District of Virginia approved the professional fee applications in the Nordic Aviation Capital bankruptcy cases, including the rates of each of the professionals as appropriate market rates.
On Oct. 18, the U.S. Bankruptcy Court for the Eastern District of Virginia approved the professional fee applications in the Nordic Aviation Capital bankruptcy cases, including the rates of each of the professionals as appropriate market rates.
This settles any remaining uncertainty in how professionals' hourly rates will be considered for approval in bankruptcy courts in the district. In particular, the bankruptcy court noted that
Over the past decade, or so, we have seen situations in Chapter 11 cases where groups of creditors contracted with debtors for the exclusive right to provide new money on extremely favorable terms, with significant "backstop" fees paid in connection therewith, and other creditors in the same class were excluded from participating in such investments. E.g., Peabody Coal, CHC Helicopter, Pacific Drilling, Momentive and most recently, LATAM Airlines and TPC Group.
Settling any remaining uncertainty in how professionals’ hourly rates will be considered for approval in bankruptcy courts in the Eastern District of Virginia, on October 18, the Bankruptcy Court for the Eastern District of Virginia approved the professional fee applications in the Nordic Aviation bankruptcy cases, including the rates of each of the professionals as appropriate market rates. In particular, the Bankruptcy Court noted that, “[m]uch ink has since been spilled differentiating so-called ‘local’ rates from ‘national’ rates. The distinction is much ado about nothing.